Payroll deduction form contains details of the amount withheld by an employer from employee’s earnings. These deductions are either mandatory or voluntary. Mandatory deductions are those which are required to be deducted as per law and voluntary deductions are those which the employee agrees to pay to avail certain benefits. A company cannot arbitrarily deduct money from an employee’s payroll. All payroll deductions must be statutory or approved by the employee.
Payroll deduction includes income tax, national insurance or social security contributions, pension fund contributions, union or association dues etc. These deductions are deducted from the employee’s salary called the gross pay to arrive at the employee’s net pay. Below is a sample payroll deduction template.
Payroll Deduction Form
Download Easy to Edit Payroll Deduction Form at only $3.00
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